Firms Enable Cash Payments for Online Purchases

Nov. 11, 2010

PaymentVision and PayNearMe announced they have partnered to enable cash payments for online transactions. The companies said Gaithersburg, Md.-based PaymentVision’s universal ACH and credit card gateway and PayNearMe’s cash-payment technology will enable consumers to shop or pay bills online and pay cash for the transactions at a local 7-Eleven store. Online merchants are notified in real-time and all cash payments are guaranteed good funds, eliminating risks of fraud or charge-backs, the company said. “PaymentVision and PayNearMe both recognize the market demand and potential for bringing cash-preferring consumers fully into the payments fold,” says Robert Pollin, CEO of PaymentVision. “Cash-based alternative payment opportunities are astonishingly large over the long term. Those who build their brand awareness and customer loyalty in cash payment options will benefit tremendously in competing for a share of the unbanked and underbanked market segment.”